Need Help?
Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Recently asked questions relating to Hodge Life consent to lease
- I need to move my daughter’s school by mid-August and move to a new area. there is insufficient time to sell my house.The short term option is to let my property out. Currently I have buildings and contents insurance. Do I need different insurance? Do I need consent to let from my mortgage provider Hodge Life
- I have exchanged contracts for a new build property in which I was going to live in, but my employer has offered me a posting abroad for 2 years, can I let the new property with consent to let from Hodge Life.
- We are presently eighteen months into a year fixed rate mortgage with Hodge Life. We would like to purchase a larger 2nd property in the coming months however would like to retain the first property and I was wondering what reason we could put down on the consent to let application to get their approval
- My cousin and his partner currently lodge with me at my apartment. Next Summer I would like to move out of the flat and in with my partner. How likely is it that I will be able to get consent to let from Hodge Life after only having the mortgage for nine months?
- I don't currently have consent to let by Hodge Life but I would like to change to one, An opportunity has arisen which might involve me working away for two years. But want to keep my property for my return - can you assist?
- Is consent to let a less costly way of becoming a landlord? Isn't this a loophole for some borrowers to exploit?
- I am interested in consent to let for my house mortgaged with Hodge Life. How do I proceed? Do I have to call Hodge Life and get them to agree?
- Please can you inform me how much the fees are and if Hodge Life typically give consent to let without transferring to a commercial rate?
Find out more about how flying freeholds can affect the marketability of a property.
Information to consider in conjunction with the above Hodge Life consent to let Advice
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
One thing to remember when arranging a consent to let mortgage with Hodge Life is to switch your existing residential buildings insurance policy to a landlords buildings insurance policy. The insurance premium is marginally more expensive but if you don’t switch your insurance and you need to make a claim then you won’t be covered on your standard residential buildings insurance. As a minimum you should ensure that you are covered for any third party liability in respect of injuries to your tenant whilst at your property
Leasehold properties
Should the tenure of your property be leasehold, the provisions in the lease may prevent you from letting or require that you obtain the consent of the freeholder. If such terms are not adhered to you may be in violation of your covenants under the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to inform your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to record their consent in writing.
Your property may be repossessed if you do not keep up repayments on your mortgage with Hodge Life